What are the costs?
The cost of taking out an equity release product can vary but below is a summary of typical costs you may incur.
Valuation Fee: This will vary and depends on the current value of your home. On average, depending on selected lender, you should allow £190 on a property valued at £200,000.
Advice Fee: This is paid to the Adviser usually on successful completion of the equity release transaction. It covers the cost of providing the advice, using his / her expertise and knowledge to research the market in order to obtain the most suitable product to match the client's needs.
If you decide to use our services we will prepare and present a written report to the client outlining the clients current situation and why a particular product has been recommended and why it is the most suitable for the particular client. The fee can vary in line with the complexity of the particular case but you should allow £950. Part of this fee may be requested prior to the adviser writing the report and providing the best solution.
Advisers dealing in the equity release market must be qualified and authorised by the Financial Services Authority. In other words, they must be a competent authorised individual who has passed the Certificate in Regulated Equity Release or its equivalent.
Arrangement Fee - The Lender may charge an arrangement fee.
Solicitor Fee - This fee covers the cost of the solicitor providing independent legal advice and the conveyancing work involved with the equity release transaction.
Any fee agreed will be subject to a separate Fee Agreement
There may be lender fees charged for maintenance and redemption
of the loan
